Calcutta, Dec. 10: Calcutta Police are closing in on Dinesh Dalmia, promoter and managing director of DSQ group of companies, with the Supreme Court cancelling the Madras High Court’s stay on his arrest earlier this week.

Dalmia, head of a group that comprises DSQ Software, DSQ Biotech and DSQ Industries, is a key accused in the securities scam of 2000-2001 that Calcutta Police are investigating for over a year.

The chief metropolitan magistrate of Calcutta had issued a ‘non-bailable warrant’ for the arrest Dalmia way back in October last year. But the police were unable to detain him because of Madras High Court’s injunction.

Allegations against Dalmia include rigging the share price of his companies and issuing fake shares of DSQ Software. He faces charges of Fera violation as well.